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LEHMAN BROTHERS HOLDINGS INC. ANNOUNCES IT INTENDS TO FILE CHAPTER 11 BANKRUPTCY PETITION;

NO OTHER LEHMAN BROTHERS’ U.S. SUBSIDIARIES OR AFFILIATES, INCLUDING ITS BROKER-DEALER AND INVESTMENT MANAGEMENT SUBSIDIARIES, ARE INCLUDED IN THE FILING

NEW YORK, September 15, 2008 – Lehman Brothers Holdings Inc. (“LBHI”) announced today
that it intends to file a petition under Chapter 11 of the U.S. Bankruptcy Code with the United
States Bankruptcy Court for the Southern District of New York. None of the broker-dealer
subsidiaries or other subsidiaries of LBHI will be included in the Chapter 11 filing and all of the
broker-dealers will continue to operate. Customers of Lehman Brothers, including customers of
its wholly owned subsidiary, Neuberger Berman Holdings, LLC, may continue to trade or take
other actions with respect to their accounts.

The Board of Directors of LBHI authorized the filing of the Chapter 11 petition in order to
protect its assets and maximize value. In conjunction with the filing, LBHI intends to file a
variety of first day motions that will allow it to continue to manage operations in the ordinary
course. Those motions include requests to make wage and salary payments and continue other
benefits to its employees.
LEHMAN BROTHERS HOLDINGS INC. ANNOUNCES IT INTENDS TO FILE CHAPTER 11 BANKRUPTCY PETITION / pg.2

LBHI is exploring the sale of its broker-dealer operations and, as previously announced, is in
advanced discussions with a number of potential purchasers to sell its Investment Management
Division (“IMD”). LBHI intends to pursue those discussions as well as a number of other
strategic alternatives.

Neuberger Berman, LLC and Lehman Brothers Asset Management will continue to conduct
business as usual and will not be subject to the bankruptcy case of its parent, and its portfolio
management, research and operating functions remain intact. In addition, fully paid securities of
customers of Neuberger Berman are segregated from the assets of Lehman Brothers and are not
subject to the claims of Lehman Brothers Holdings’ creditors.

Lehman Brothers (ticker symbol: LEH) is headquartered in New York, with regional
headquarters in London and Tokyo, and operates in a network of offices around the world. For
further information about Lehman Brothers, visit the Firm’s Web site at www.lehman.com.